Tuition Charges

The College may increase tuition from time to time.  The tuition per credit hour will not increase for Upper Division students who remain continuously enrolled.  Books and materials are not included in tuition charges.

 Fees

See current catalog supplement for specific current rates.

General Financial Aid Information

All Title IV financial aid funds received by the institution will be credited to the student’s account with the exception of requirements set forth in Section 682.604 of current the Federal Regulations (CFR). The different types of financial aid programs available to those who qualify are discussed in detail below.

For Financial Aid purposes, the student’s academic year is defined as a minimum of 24 semester hours and 30 weeks. An academic year determines advancement of grade levels for students.

Selection of Eligible Applicants

I In accordance with Federal Regulation 668.43(b)(3) the following procedures describe how aid recipients are selected from the pool of eligible applications.

Federal Pell Grant

This grant is designed to assist needy students who desire to continue their education beyond high school.  Federal Pell Grants are only awarded to undergraduate students who have not earned a Bachelor’s or professional degree.   Each student is entitled to apply for a Federal Pell Grant.  Eligibility is determined by the student’s need, the cost of attendance, and the amount of money appropriated by Congress to fund the program.  The amount of the grant is determined by a standard formula used by the Department of Education.  The amount of the grant available to the student will depend on the

Expected Family Contribution (EFC) and the cost of attendance.

 For many students, the Federal Pell Grant provides a “foundation” of financial aid to which other aid may be added to defray the cost of college education.  Students or prospective students may secure the Free Application for Federal Student Aid (FAFSA) for the Federal Pell grant program from the Financial Aid Counselor.  The application will be transmitted electronically to the CPS (Central Processing System) which will determine the applicant’s Expected Family Contribution (EFC).

Federal Supplemental Educational Opportunity grant

This grant is for undergraduates with exceptional financial need.  Priority is given to Federal Pell Grant recipients.  Funds depend on the availability at the school.

Veterans Benefits

The College is approved for Veterans Training. Applications for Veterans benefits may be obtained in the Business Office or from the local Department of Veterans Affairs.  Approval of training benefits to be awarded is the responsibility of the Department of Veterans Affairs.           

Federal Family Education Loan Program

 Federal Subsidized Stafford Loans

Federal Stafford Loans are low interest loans that are insured by a guarantee agency and made available to the student by a lender such as a bank, credit union or savings and loan association.  The subsidized Stafford Loan is awarded based on financial need.

For loans first disbursed on or after July 1, 1994, a Stafford Loan made to any Stafford borrower, regardless of whether the borrower has FFELP loans outstanding, will have a variable interest rate not to exceed 8.25%.  The annual interest rate will be determined on July 1^st each year.

If the student is a dependent undergraduate student, he/she may borrow up to:

 ·        $3.500 if he/she is a first year student enrolled in a program of study that is at least a full academic year.

 ·        $4,500 if he/she has completed the first year of study, has obtained at least 24 semester credit hours, and the remainder of the program is at least a full academic year.

 ·        $5,500 a year if he/she has completed two years of study, has obtained at least 48 semester credit hours, and the remainder of the program is at least a full academic year.

For periods of undergraduate study that are less than an academic year, the amounts a student can borrow will be less than those previously listed.  A Financial Aid counselor can provide specific details.  Total indebtedness for a dependent undergraduate student cannot exceed $23,000.

If the student is an independent undergraduate student or a dependent student whose parents are unable to qualify for a PLUS loan, he/she may borrow up to:

·        $7,500 if he/she is a first year student enrolled in a program of study that is at least a full academic year.  (At least $4,000 of this amount must be in unsubsidized loans.)

·        $8,500 if he/she completed the first year of study, has obtained at least 24 semester credit hours, and the remainder of the program is at least a full academic year.  (At least $4,000 of this amount must be in unsubsidized loans.)

 ·        $10,500 a year if he/she has completed two years of study, has obtained at least 48 semester credit hours, and the remainder of the program is at least a full academic year.  (At least $5,000 of this amount must be in unsubsidized loans.)

For periods of undergraduate study that are less than an academic year, the amounts a student can borrow will be less than those previously listed.  A Financial Aid counselor can provide more details.  Total indebtedness for an independent undergraduate student cannot exceed $46,000.  No more than $23,000 of this amount may be subsidized loans.

There is a 3% origination fee and a 1% insurance premium deducted from each disbursement.  However, the borrower is responsible for repaying the gross amount of the student loan borrowed.  Graduate students may borrow up to $18,500 per academic year.  ($10,000 of this amount must be unsubsidized loans).  Total indebtedness for a graduate/professional student cannot exceed $138,000 (no more than $65,500 of this amount may be subsidized loans).

The Federal Stafford Loan is deferred while the student is enrolled in college and for a period of six months beyond the student’s last date of attendance.  During this period, the Federal government pays the interest.  Deferments after the student drops below half time status are not automatic, and the student must contact the lender concerning his or her loan.  Applications can be obtained from the Financial Aid Counselor or from a participating lender.

For additional deferment information contact the Financial Aid department.

Unsubsidized Federal Stafford Loans

The Unsubsidized Federal Stafford Loan Program is a loan program available to eligible students, regardless of family income.  An Unsubsidized Stafford Loan is not awarded based on need, but when combined with other aid, cannot exceed the student’s cost of attendance.  The term “unsubsidized” means that interest is not paid for the student.  The student is charged interest from the time the loan is disbursed until it is paid in full.

The terms of an Unsubsidized Stafford Loan are the same as those for a Subsidized Stafford Loan with the exception of the information below.

The Federal government does not pay interest on the student’s behalf on the Unsubsidized Federal Stafford Loan.  The student pays all interest that accrues on the loan during enrollment and the grace period.  The student has two options of repayment of the accrued interest:

·        Make monthly or quarterly payments to the lender, or

·        The student and the lender may agree to capitalization of the accrued interest.  Capitalization of the interest means that the lender adds the interest as it comes due to the principal amount of the loan.

The student will be charged an origination fee/insurance premium on the amount of the Unsubsidized Stafford Loan not to exceed 4%.  The fee will be deducted proportionately from each disbursement.

 Federal PLUS Loan

The Federal PLUS loan is available to parents of dependent students to help pay for the educational expenses of the student.  PLUS loans are not based on need, but when combined with other resources, cannot exceed the student’s cost of attendance.

Parents may borrow up to the cost of attendance minus other aid per eligible dependent student.  There is a 3% origination fee on a PLUS loan and up to a 1% insurance premium may be deducted proportionately from the amount of each disbursement.  The interest rate is variable, up to a maximum of 9%, and the annual rate is established on July 1 of each year.

Repayment begins within 60 days of the final disbursement unless the parent qualifies for and is granted a deferment by the lender.  There is no grace period for these loans.  Interest begins to accrue at the time the first disbursement is made, and parents will begin repaying both the principal and the interest while the student is in school.  Although the minimum payment amount is $50 per month within at least five years but no more than ten years of repayment, the actual payment and schedule is determined by the total amount borrowed.  Applications can be obtained from the college’s Financial Aid Office or from a participating lender.

 Consumer Information

Student financial counselors are available, in accordance with Federal regulations, to discuss consumer information in more detail with current and prospective students.

To be eligible for Financial Aid, a student must meet the following requirements:

·        Be enrolled as a regular student in an eligible program of study on at least a half time basis.

·        Have a high school diploma, GED, or a demonstrated ability to benefit.

·        Be a U.S. Citizen or national, or an eligible non-citizen. Verification of eligible non-citizen status may be required.

·        Have financial need (except for some loan programs).

·        Maintain satisfactory academic progress. 

·        Provide documentation for the verification process and determination of dependency status.

·        Have a valid Social Security Number.

·        Not have borrowed in excess of the annual or aggregate loan limits for the Title IV financial aid programs.

·        Be registered for the Selective Service, if a male aged 18 through 25.

·        Sign a Statement of Education Purpose and Certification Statement on refunds and defaults.

* Students enrolled on a less then half-time basis may be eligible for the Federal Pell Grant.

Application

To apply for financial aid, a student must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.  The application must be completed with extreme care and accuracy.  Our Financial Aid Counselors are available to assist students in completing the application and to answer any questions.

Financial Aid from Federal programs is not guaranteed from one year to the next.  Each student must reapply every year.  In addition, if the student transfers to another college, his or her aid does not automatically transfer.  Each student should check with his or her new college to find out the appropriate procedures for reapplying for financial aid.

 Need and Cost of Attendance

When the application is completed, the information will be used in a formula established by Congress that calculates need and determines eligibility.  When combined with other aid and resources, a student’s aid package may not exceed the cost of attendance.

Satisfactory Academic Progress

Students must meet the standards of satisfactory academic progress in order to remain eligible to continue receiving financial assistance, as well as to remain eligible to continue as a student of the college.  The Satisfactory Academic Progress standards are outlined in the Academic Policies section.

The Financial Aid Counselor will provide details to all eligible recipients.  Students should read this standard carefully and refer any questions to their academic or financial advisors.

 Borrower Rights and Responsibilities

When a student receives a loan, he or she has certain rights and responsibilities toward that loan.  The borrower has the right to receive the following information before the first loan disbursement:

·        The full amount of the loan.

·        The interest rate.

·        The date repayment begins.

·        The effect borrowing will have on the student’s eligibility for other types of financial aid.

·        A complete list of any charges the student must pay (loan fees) and information on how charges are collected.

·        The yearly and total amounts the student can borrow.

·        The maximum repayment periods and the minimum repayment amount.

·        An explanation of default and its consequences.

·        An explanation of available options for consolidating or refinancing the student loan.

·        A statement that the student can repay the loan at any time with penalty.

The borrower has the right to receive the following information before leaving school:

·        The amount of the student’s total debt (principal and interest).

·        What the student’s interest rate is and the total interest charges on the loan.

·        A loan repayment schedule that lets the student know when his/her first payment is due, the number and frequency of payments, and the amount of each payment.

·        If the student has an FFEL Program Loan, the name of the lender or agency that holds that student’s loan(s), where to send the payments, and where to write or call if the student has questions.

·        The fees the student should expect during the repayment period, such as late charges and collection of litigation costs if delinquent or in default.

·        An explanation of available options for consolidating or refinancing the student’s loan.

·        A statement that the student can prepay his/her loan with penalty at any time.

The borrower has responsibility to:

 ·        Understand that by signing the promissory note, the student is agreeing to repay the loan according to the terms of the note.

·        Make payments on the student loan even if the student does not receive a bill or repayment notice.

·        If the student applies for a deferment or forbearance, he/she must still continue to make payments until notification that the request has been granted.

·        Notify the appropriate representative (institution, agency, or lender) that manages the student’s loan if the student (a) graduates; (b) withdraws form school; (c) drops below half-time status; (d) changes his/her name, address, telephone number, or Social Security Number; or (e) transfers to another institution.

·        Participate in entrance counseling before being given the first loan disbursement and receive exit counseling before leaving school.

Policies and Procedures for Verification

All selected applicants will be verified.  Verification refers to the process of collecting documentation from the student, the student’s spouse and/or parents to support the information reported on the financial aid application(s), and comparing the source documentation to the information as reported.  The federal government requires the process of verification, and the school must collect the documentation specified to be in compliance with federal regulations.

The U.S. Department of Education requires that schools verify students' files if the student's SAR (Student Aid Report) or ISIR (Institutional Student Information Report) has an asterisk next to the EFC (Expected Family Contribution).  In addition, it is the policy of Potomac College to occasionally select individual students for verification of certain data items, based on inconsistency of reported information.

In compliance with federal regulations, Potomac College will not disburse nor deliver any federal aid until verification is complete (where verification is required), other than the initial Pell Grant disbursement under some circumstances.  Collecting and submitting the necessary documentation in a timely manner is the responsibility of the student, though the Financial Aid staff assists and advises the student where necessary.  (NOTE:  If an initial Pell Grant payment is made without verification being completed, the payment data will be submitted with a "W" verification status.  This status must be changed to another status code before the final Pell Grant deadline for the award year).

Students must have submitted all required verification documentation by the end of the first term, or have contacted the Financial Assistance Office for an extension to the verification deadline.  The final year-end deadline for verification documentation is the earlier of 60 days after the student's last date of attendance or August 31st following the close of the pertinent fiscal year (June 30th).

If a student does not furnish the required verification documentation by the verification deadline, Potomac College may cancel the student's financial aid awards for the award year.  Any aid disbursed may be refunded in full, and any pending loan applications may be canceled.  All efforts will be made to assist the student in obtaining the required verification documentation by the deadline or the extended deadline. 

Items to be Verified

1. AGI (Adjusted Gross Income)      
2. Federal taxes paid 
3. UTI (Untaxed Income) 
4. Number in the household 
5. Number in post-secondary education

Untaxed income includes:  Social Security benefits, child support received, untaxed payments to IRA/Keogh plans, foreign income exclusions, and Earned Income Credits.

A copy of the student and spouse's or parent's federal tax returns and a completed verification worksheet verify most information.  The tax return copy must bear an original or photocopied signature of the tax filer(s) or the tax preparer, or stamp of the tax preparation firm.  Students, spouses or parents who did not and were not required to file a tax return for the base year must sign a non-filer's statement.

Additional documentation to be collected would include such items as Social Security benefits statement, statements of child support received, TANF benefits statement, etc.  The Verification Guide contains additional information about documentation requirements.

When a tax return is filed electronically, a printout of the information as filed is sufficient, provided the tax filer (or one of them, if filed jointly) has signed the printout, AND the printout contains all of the information found on the tax return itself.  If the student, spouse or parent does not have an actual copy of the tax return, (s) he should contact the IRS by phone, or (s) he can visit their local IRS office to get a copy of their tax return information.  IRS Forms 1722 or RTFTP are acceptable in lieu of a tax return. 

However, the RTFTP form is only acceptable for verification IF 1) the tax filer (or one of the joint filers) signs the form; or 2) the summary is received at the school directly from the IRS. In the latter case the IRS cover letter and/or envelope should be retained with the summary information in the student's file. 

Potomac College reserves the right to require any student applying for financial aid to provide appropriate documentation. 

Required corrections to data reported by the applicant, spouse and/or parents are made electronically via the Financial Aid Office.  Students are apprised of any award changes via a revised Financial Aid Award Notice. 

Exclusion From Verification

In some situations the financial aid applicant is relieved from the requirement for verification.  This includes:

1. Applicant is deceased
2. Applicant is incarcerated at the time of verification            
3. Applicant is an immigrant who arrived during the base year or current year
4. Certain spouses or parents of dependent students are:
   1. Deceased or mentally or physically incapacitated
   2. Residing in country other than US and cannot be reached by normal means of communication
   3. Unable to be located because address is unknown
5. Applicant has completed verification elsewhere.  In this instance, the following must be obtained from the school where verification was completed:
   1. A letter from the school, showing the tolerance option used, if any
   2. A copy of the verified application
   3. A copy of the SAR or ISIR the school paid on
6. Residents of certain Pacific Islands  (Marshall Islands, Federated States of Micronesia)
7. 30% limitation (does not apply)
8. Does not receive aid

 The applicant must provide documentation of the appropriate circumstance to justify the exclusion from verification.

 90-Day Exclusion    

For the number in the household and the number in post-secondary education, if 90 days or less have elapsed between the date the school gets the output document (SAR/ISIR) and the date the applicant signed the application, the applicant is exempted from verifying these two data items only.

Conflicting data of any sort must always be resolved regardless of verification selection or status.

Expected Year Income

If expected year income is used in the formula as the result of a professional judgment adjustment, the school does not have to verify the expected year income, only the base year data and other verification items.

Consumer Information

Students are informed of the verification procedures, deadlines and their responsibilities.    The Financial Assistance staff also reviews the verification process, deadlines, etc. with the student during the application process.  The staff advises students as to which documents are required to complete the verification process, and apprises them of the consequences of failing to complete verification.

Verification Status Codes

Potomac College utilizes the following verification status codes, in accordance with the definitions in the Verification Guide:  Blank - not selected; V-Verified; and W - Selected but verification not yet complete.  The FAO staff member who performs verification documents the verification status.

Referrals

Overpayments are referred to the U.S. Department of Education, using the form provided in the Verification Guide and sent to the address listed in the Guide.

If an applicant is suspected of engaging in fraud or other criminal misconduct in connection with application for student aid, the Financial Aid staff member should bring this information to the attention of the President.  All such information will be referred for investigation to the Office of the Inspector General, with written documentation of the situation.

The OIG hotline number is 1-800-MISUSED.

Some signs of student aid fraud include the following:

·        Forged, falsified or counterfeit documents

·        Irregular signatures and certifications

·        False or fictitious names, addresses and Social Security Numbers

·        Consistently misreported information

·        False claims of dependency status

·        False claims of citizenship status

·        Offered and/or paid bribes or "kickbacks" to school staff

·        Unreported or misreported receipt of student aid funds

The following written policy is provided to students selected for verification. Selected applicants must submit required verification documents with twenty-eight (28) days of notification.  No interim disbursement to Title IV aid will be made prior to the completion of verification.

If the student fails to provide the required documentation within the established time frame, then the student will be treated as a cash-paying student until the documents are provided.  If the student does not meet the deadline and is not capable of making cash payment at the end of the deadline, he/she will have their enrollment suspended from the College.  The student may re-enter the College only when he/she can provide the documentation.

The College reserves the right to make exceptions to the above stated policies due to extenuating circumstances, on a case-by-case basis.

Students will be given a clear explanation of the documentation needed to satisfy the verification requirements and the process for document submission.  The College will inform students in a timely manner of the consequences of failing to complete the verification requirements and the action the college will take if the student does not submit the requested documentation within the time period specified by the College.

Students will be informed of their responsibilities regarding the verification of application information, including the College’s deadline for completion of any actions required.  Students will be notified in writing if the results of verification change the student’s scheduled award.

The College will assist the student in correcting erroneous information.  Any suspected case of fraud will be reported to the Regional Office of the Inspector General or, if more appropriate, to the State and local law enforcement agency having jurisdiction to investigate the matter.  Referrals to local or state agencies will be reported annually to the Inspector General.

Financial Aid Transcripts

The College will use the National Student Loan Data System (NSLDS) information whenever possible, to fulfill the requirement for financial aid transcript data.

Education Expenses

The College quotes standard tuition prices for each regular program offered.  Arrangements for payment of tuition and book charges (if applicable) must be made in advance of the first day of class.  The College charges the student’s tuition account for tuition.

Detailed below are other educational expenses considered in determining the student’s cost of attendance and information on how those costs were derived.  These include personal room and board, transportation, fees, and books.

The amount of personal expenses allowed all students is $230 per month.  The transportation cost allowed all students in $213 per month. These figures were determined by a national average obtained from the Bureau of Labor and Statistics.

Room and board costs are also obtained from the Bureau of Labor and Statistics.  The allowable costs for students without dependents who live with their parents are $366 per month.  The allowable cost for all other students who do not live with their parents is $729 per month.

Documentation of the student data is available from the Financial Aid Counselor.

Entrance and Exit Interview/ Loan Counseling

The College counsels each student regarding loan indebtedness and gives each student an entrance interview and an entrance test.  Shortly before the student graduates, an exit interview is held regarding the loan to make sure the student understands the amount borrowed and the student’s rights and responsibilities regarding repayment.

The student reports to the Financial Aid Counselor prior to withdrawal or graduation for loan counseling.  The purpose of this session is to inform the student of their tentative total loans received while in attendance at the College, refunds that may be made, and to provide the student with an estimated payment schedule.  If the student is unable to meet with the Financial Aid Counselor, the exit interview materials will be mailed.

Refund Policy

Potomac College will earn all or a portion of the tuition charged when a student begins a semester but fails to complete it for any reason.  The last date of attendance is used to calculate the amount of earned tuition.  If applicable, the student’s account will be credited with any unearned tuition.

A refund will be credited to the student’s account within 30 days of the date the college determines the student is no longer in attendance.

A student who officially withdraws from the institution maximizes his/her eligibility for the largest refund.

To officially withdraw from the institution, a student must notify the Registrar and complete the withdrawal process.  A student who fails to notify the Registrar or complete the withdrawal process will be treated as an unofficial withdrawal for tuition refund purposes.  A student has 14 calendar days from his/her last date of attendance to complete the official withdrawal process.  A student who fails to complete the official withdrawal process within the specified time will be treated as an unofficial withdrawal.

An official withdrawal may receive a larger refund than an unofficial withdrawal because only an official withdrawal will receive a full tuition refund for any module he/she does not attend during the semester.  An unofficial withdrawal will receive a tuition refund in accordance with the Refund Schedule below, whether or not the student begins attendance in all modules of the semester.

Tuition is charged on a semester rather than modular basis.  The Refund Schedule is also based on the entire semester not an individual module.

Semester Refund Schedule

The above percentages apply to tuition only.  All other charges are non-refundable.

The school will attempt to make a reasonable settlement whenever a student must withdraw due to mitigating circumstances that make it impossible for him/her to continue.  A student may appeal to the Registrar if he/she believes individual circumstances warrant exception from the published policy.   

Sample refund calculations are available for review in the Financial Aid Office.

The refund policy outlined above is used to calculate the refund of institutional charges.  A separate Return of Federal Financial Aid calculation is performed to determine the amount of federal financial aid that must be returned to the federal government by the school and the student.

Course Refund Policy

A student who fails to meet the add/drop deadline and withdraws from the course is charged 100% the cost of the course.

Return of Federal Financial Aid Policy

To officially withdraw, a student must notify the Registrar and complete the withdrawal process.

Potomac College will calculate the amount of federal financial aid that must be returned using an unofficial notification of withdrawal, that is, any method of notifying the college of withdrawal that deviates from the published official withdrawal process.  However, a student must officially withdraw to maximize his/her eligibility for the largest refund.  (See Refund Policy)

A student who completes one course during the semester is not considered a withdrawn student under the Return of Federal Financial Aid Policy.

If a student withdraws or is dismissed from Potomac College, the school and/or the student may be required to return a portion of the federal financial aid received.  The last date of attendance is used to calculate the amount of any federal aid that must be returned.

The percentage of federal aid to be returned is equal to the number of calendar days remaining in the semester divided by the number of calendar days in the semester.  No return of federal financial aid is due if a student completes more than 60% of the scheduled semester days.

A student is required to return any unearned federal aid less the amount returned by Potomac College.  If a student needs to return loan funds, the funds are repaid as required by the normal loan repayment terms.  If a student is required to return federal grant aid, Potomac College will notify the student of the repayment amount within thirty days of determining the student withdrew.  If the student fails to return the grant aid as instructed, the student is considered to be in overpayment and thus ineligible for any additional federal aid at any school until that amount is repaid.

Federal student aid funds are returned in the following order:  1) Unsubsidized Stafford Loans; 2) Subsidized Stafford Loans; 3) PLUS Loans; 4) Federal Pell Grants; 5) FSEOG; 6) Other federal aid programs. 

Unearned federal aid is returned within 30 calendar days of the date the college determines the student is no longer in attendance.  A student receives written notice of any loan funds returned by Potomac College, and an invoice for any balance owed the school. 

If a student has earned more federal aid than has been posted to his/her account, the student is entitled to a post withdrawal disbursement.  The post withdrawal disbursement is first used by the college to pay outstanding charges; any remaining amount is offered to the student or parent borrower.    

Sample Return of Federal Financial Aid Calculations is available for review in the Financial Aid Office.

Funds will be returned to other financial aid programs in accordance with the funding source’s refund policies.

Refund Distribution Policy

When the College determines that a refund is due to a financial aid recipient, the following Federal priority order is used in distributing the amount of the refund:

1.      Unsubsidized Stafford Loan Program

2.      Subsidized Stafford Loan Program

3.      PLUS Loan Program

4.      Direct Subsidized/Unsubsidized Loan

5.      Direct PLUS Loan Program

6.      Federal Pell Grant Program

7.      Any other Title IV program

8.      Other state, private, or institutional sources of aid

9.      The student

Students will be notified of any refunds due to a lender on their behalf during the exit interview.

Repayment Distribution Policy

Students who receive a cash disbursement from a grant-in-aid and who withdraw before the end of the semester will have a repayment calculation performed.  This calculation will determine if any of the aid disbursed to the student for indirect costs must be repaid to the financial aid program.  All non-institutional living expenses are prorated based on the number of weeks completed by the student prior to withdrawal, and a partial week is treated as equivalent to a full week.  For students who begin attending classes for the semester, 100% of the books and supplies allowance in the cost of attendance budget is considered to have been expended.

Repayment must be allocated back to the student aid programs according to regulatory requirements in the following order:

1.      Federal Pell Grant program

2.      Any other non-loan Title IV programs

3.     Other state, private, or institutional student financial assistance programs.

Title Iv Credit Balance Processing

A Title IV credit balance is created when Title IV disbursements exceed institutional costs for the payment period. 

Regardless of authorization, the school must release a credit balance at the end of the loan period, academic year, or award year as applicable for each FSA (Federal Student Aid) program.

Potomac College will encourage all students to sign the authorization to hold excess funds on account.  Students will not be forced to sign the authorization.  Potomac College will track whether or not the student/parent has provided authorization and review this information each time a credit balance is created.  A credit balance check will be issued to the student/parent within 14 days of the balance being created.  Potomac College will release credit balances as required by federal regulation.

Upon enrollment, the financial aid office will ask all students to sign the Student Authorization Statements form allowing it to hold the excess funds on account.  The financial aid officer will receive a copy of all signed authorizations to track whether or not the student/parent makes such an authorization.  The financial aid officer will ensure the student is eligible for disbursement.  If the disbursement is approved, the financial aid officer will determine if a credit balance exists.  If a credit balance exists, the financial aid officer will review the authorization tracking system to determine if the credit balance is to be released to the student/parent or held on account.  If the student/parent have authorized the credit balance be held, no further action is necessary.  If authorization has not been granted, the financial aid officer will request the student accounts staff to issue a check on behalf of the student/parent within the 14 days allowed.

Employer Based Tuition Assistance Programs

Many employers offer employee tuition assistance.  Students should check with their supervisor or human resource department to see whether and under what circumstances their companies would cover the costs of tuition and other fees.  Potomac College staff will work with students to complete necessary forms and provide needed documentation to their employers.

Appeals

Students who believe that an exception to the refund policy is warranted should submit a written appeal with documentation of any mitigating circumstances to the Director of Operations within 30 days of the date of the student’s withdrawal from the college.  The Director of Operations will provide a written response to the appeal with 30 days of its receipts.